From: Can returnee managers promote CSR performance? Evidence from China
YÂ =Â CSR_Score i,t | DAÂ >Â Median | DAÂ <Â Median | ||
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
Returnee (0/1) i,t | 2.350** | Â | 1.660* | Â |
(2.16) | Â | (1.70) | Â | |
Returnee number i,t | Â | 1.937*** | Â | 0.923 |
 | (3.38) |  | (1.48) | |
State control (0/1) i,t | −1.419 | −1.400 | −3.406** | −3.400** |
(−0.71) | (−0.70) | (−2.41) | (−2.41) | |
Board independence i,t | 10.220 | 10.888 | 10.810 | 10.809 |
(1.29) | (1.38) | (1.57) | (1.58) | |
Power balance i,t | −0.082* | −0.083* | −0.057 | −0.057 |
(−1.70) | (−1.73) | (−1.20) | (−1.20) | |
Duality (0/1) i,t | −1.475* | −1.477* | −0.003 | −0.001 |
(−1.94) | (−1.95) | (−0.00) | (−0.00) | |
Managerial ownership i,t | 0.045 | 0.293 | 2.370 | 2.330 |
(0.02) | (0.13) | (1.23) | (1.21) | |
Institutional ownership i,t | 10.197*** | 10.300*** | 15.135*** | 15.170*** |
(5.54) | (5.62) | (8.19) | (8.22) | |
Firm age i,t | 0.070 | 0.068 | 0.041 | 0.038 |
(0.89) | (0.87) | (0.63) | (0.57) | |
Size i,t | 7.106*** | 7.018*** | 5.803*** | 5.783*** |
(18.77) | (18.44) | (18.25) | (18.10) | |
ROA i,t | 81.707*** | 81.651*** | 73.754*** | 73.796*** |
(12.97) | (12.91) | (16.56) | (16.57) | |
Leverage i,t | −8.577*** | −8.494*** | −2.663* | −2.670* |
(−4.70) | (−4.65) | (−1.81) | (−1.81) | |
Intercept | −138.456*** | −136.844*** | −112.011*** | −111.470*** |
(−15.43) | (−15.18) | (−14.63) | (−14.55) | |
Year | Yes | Yes | Yes | Yes |
Industry | Yes | Yes | Yes | Yes |
Observations | 4631 | 4631 | 4888 | 4888 |
Adjusted R-squared | 0.32 | 0.32 | 0.36 | 0.36 |